Nobia: Continued growth marks start of year
Sales for kitchen company nobia increased during the first quarter by 11 per cent to SeK 3,999 million (3,615). organic growth was 8 per cent. profit after tax totalled SEK 181 million (173). earnings per share increased by 4 per cent to SEK 1.03 (0.99). For comparable units, or if the French business unit hygena had been included since the beginning of 2006, earnings per share after dilution increased by 31 percent.
Operating profit amounted to SEK 285 million (278) and the operating margin was 7.1 per cent (7.7). For comparable units, the operating margin showed an improvement of SEK 55 million compared with the preceding year, representing an increase of 24 percent. The operating margin was correspondingly 6.1 per cent in the year-earlier period. The improvement in operating profit is mainly attributable to the UK region, where increased sales volumes and higher cost-efficiency had an effect.
The acquisition of German company Plana Küchenland by Culinoma, the joint-venture company established during the first quarter, received final approval from the appropriate competition authorities. The acquisition will be included in the consolidated accounts as of the second quarter.
In accordance with the resolution by the Annual General Meeting, a split will be implemented, by which each share will be divided into three shares. The record date for the split is 27 April 2007.
Comments from the CEO:
"The year began well, particularly in the UK region, where our efficiency program, combined with our marketing initiatives, resulted in increased sales and improved margins," says President and CEO Fredrik Cappelen.